Civeo (NYSE:CVEO) Share Price Crosses Below 50-Day Moving Average – What’s Next?

Civeo Corporation (NYSE:CVEO)’s share price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $27.61 and traded as low as $26.90. Civeo shares last traded at $27.0950, with a volume of 164,603 shares trading hands.

Analyst Ratings Changes

CVEO has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Civeo in a research note on Monday, December 29th. Stifel Nicolaus raised their price objective on Civeo from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Civeo currently has an average rating of “Hold” and a consensus target price of $37.00.

Civeo Price Performance

The company has a current ratio of 1.54, a quick ratio of 1.47 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $296.69 million, a P/E ratio of -17.26 and a beta of 0.65. The stock has a 50 day moving average of $27.61 and a 200-day moving average of $24.44.

Civeo (NYSE:CVEO) last issued its quarterly earnings results on Tuesday, March 3rd. The business services provider reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.15). Civeo had a negative return on equity of 10.20% and a negative net margin of 3.14%.The business had revenue of $161.62 million for the quarter, compared to the consensus estimate of $170.17 million. On average, equities research analysts anticipate that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Peter Mccann sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $28.64, for a total transaction of $114,560.00. Following the completion of the sale, the senior vice president directly owned 50,942 shares of the company’s stock, valued at approximately $1,458,978.88. This trade represents a 7.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Engine Capital Management, Lp sold 9,169 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $29.03, for a total value of $266,176.07. Following the sale, the insider directly owned 65,461 shares of the company’s stock, valued at $1,900,332.83. This represents a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 430,184 shares of company stock valued at $12,390,768 over the last three months. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Civeo

Institutional investors and hedge funds have recently modified their holdings of the business. Clearstead Advisors LLC lifted its stake in shares of Civeo by 191.8% during the 4th quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider’s stock worth $35,000 after acquiring an additional 1,011 shares during the last quarter. State of Wyoming purchased a new position in Civeo during the 2nd quarter worth $66,000. Quent Capital LLC purchased a new position in Civeo during the 3rd quarter worth $79,000. Goldman Sachs Group Inc. purchased a new position in Civeo during the 1st quarter worth $204,000. Finally, XTX Topco Ltd purchased a new position in Civeo during the 2nd quarter worth $255,000. 81.44% of the stock is owned by institutional investors.

About Civeo

Civeo Corporation is a leading provider of workforce accommodations and integrated facility management services, primarily serving the oil and gas, mining, and construction sectors. The company specializes in the development, ownership, and operation of remote lodging facilities, commonly known as “man camps,” designed to house workers in geographically challenging environments. Its services include turnkey accommodations, catering, housekeeping, grounds maintenance, and logistical support, tailored to meet the needs of large-scale energy and resource projects.

With a network of lodges and villages across North America and Australia, Civeo caters to clients operating in regions such as Alberta’s oil sands, the Bakken shale play, and Australia’s Pilbara and Bowen Basin mining districts.